Henry Hebeler and AutoPilot

[gayl]

Even if you're not dead, why would you want to delay gratification for 5 yrs? (Full SSA at 67 for me) Show me the money and let me spend it while I can best enjoy it!

[haha]

Holy Cow Guys, either I'm dead or a hopelessly deluded pleasure avoider.

I'll see how it goes. Right now, I am not tempted to take reduced payments. It seems the same factors apply all the way up to 70. But I appreciate all your ideas.

Mikey

[JonnyM]

I have the opportunity to begin receiving the equivlent of SS Benefits BEFORE 62.

Should I?

Essentially the integration with retirement is such that the calculation can "augment" the retirement allotment before age 62 in exchange for a reduced benefit after age 62. The theory is my total benefit would wash.

Would you opt, or wait 10 years for a "raise" when SS kicks in on its own?

[unclemick]

In my case(large private defense co.) ran the numbers at age 55 and took the reduced amount - a lot of my coworkers with less in their 401k's took it. Now looking at early SS one year, one month's time.

I think each ER has to sit down and play with the numbers versus their ER plans and make a decision. Happy with ours.

[gayl]

Quote:

Would you opt, or wait 10 years for a "raise" when SS kicks in on its own?

Are you a public sector employee? Is this an integration with a Tier 2 DBP plan where you increase your pension by having more before eligible for SSA then less once it kicks in? If so, I think it would depend on how many years you will have in retirement before eligible for early SSA from SSA.

I'm 'laddering up' so to speak ... taking ER now with my DBP plan, using the 457 as a 'raise' in 3 yrs, then IRA as another raise 3 yrs later, and drawing on my SSA as soon as able 3 yrs after that as my DBP COLA is capped at 3% per yr.

Although I don't spend money on 'ordinary things,' I have no trouble spending it on traveling. Tahoe is great this time of year and the grandsons are anxiously waiting to go Thurs AM. *8)

Called Princess Cruise Lines yesterday and tried to get their discounted rate of $1731 for 10/11 Montreal to NYC, 10 days. Clerk apologetically told me that rate had expired and offered to book one for $2300. Told her I'd pick another time or line ... she came back with a $1499 deal for balcony cabin. Not bad

[JonnyM]

Quote:

Are you a public sector employee? Is this an integration with a Tier 2 DBP plan where you increase your pension by having more before eligible for SSA then less once it kicks in? If so, I think it would depend on how many years you will have in retirement before eligible for early SSA from SSA. I'm 'laddering up' so to speak ... taking ER now with my DBP plan, using the 457 as a 'raise' in 3 yrs, then IRA as another raise 3 yrs later, and drawing on my SSA as soon as able 3 yrs after that as my DBP COLA is capped at 3% per yr.

Bullseye Gayl County Government Employee for 21 years now. I'm 49, with Max ER date of 2007 at 52. That would be 10 long years to wait for prob a 12k/yr "raise" via SS. My understanding is I could split that in half, take an extra 500 a month at ER in exchange for a 1K/month reduction at age 62. No raise, but I received 60 k more over that 10 year period.

Now properly invested rather than poured down the drain via some vehicle, and you guys would tell me how, maybe my return would be safer and better than waiting to see what Uncle Sam has in store for me.

It's a question. I don't have a leaning either way at this very early stage of the decsion process. And I don't know if I have the math right, it was just a slide in a presentation a couple years back. Sounded cool though.

[unclemick]

My nephew's wife took her little brother(high school graduation gift) on a camping cruise to Alaska - pitch your tent on the ferry. Used 'grad gifted' frequent flyer miles to fly back to Seattle. Told the SO, "now that's a cruise that appeals to my sense of frugal." She smiled and gave me the middle digit salute.

[gayl]

Cutthroat: I put in 50-60 hrs per wk when working for the county ... no OT pay as I was 'unrepresented.' So I could rarely take a long trip and had to be satisfied with 1-2 business trips & 1 pleasure trip per yr. That said, I've taken less than a dozen. My favorite was to St Croix on Carnival. Took one on the Commodore Line, you couldn't pay me to go on one of theirs again. Love Carnival if kids are with me, otherwise I seem to do Princess. Discovered a ferry system when I was on Vancouver Island a few years ago that ran up to Alaska. Sounded like a great way to see the area, 'cruising' of an entirely different sort. Not as luxurious, a hell of a lot cheaper. Unclemick, is this the one she went on? <http://www.bcferries.com/>

Johnny M states:

Quote:

I'm 49, with Max ER date of 2007 at 52. * That would be 10 long years to wait for prob a 12k/yr "raise" via SS.

Yep, 10 yrs is a long time to wait and you'll have to run the numbers to see what works best. Are you planning on getting out next year when you are eligible for lifetime medical? Can you convert your T2 to T3? Do you have a 457 that you can also draw on for a part of the conversion if eligible?

I fully agree that it is a tough call, I had thought of taking the early draw until I paid 66k to convert my time.